Remarks by ECB policymaker, Jens Weidmann
- "That to me, is important"
- Not deliberately seeking higher inflation to make up for previous undershoots
- Temporary deviations from target can occur but we don't make policy contingent on targets not met in the past
In case that isn't clear, it just means that he doesn't want the ECB to follow in the Fed's footsteps of average inflation targeting. That said, Weidmann is a perennial hawk so there is that to take into consideration as well.
But when you flip the reality switch back on, this conversation about inflation hitting 2% in the euro area may not even be one that we will see come into play honestly.
